Based upon the rise in oil and commodities and the ultimate flight to safety or the ultimate flight to inflation protection, we are seeing again some increased call option activity in SPDR Gold Shares (NYSE: GLD). This is the ETF that tracks the price of gold by essentially 1/10 of the price. At 11:08 AM EST we have seen a 3% rise to $82.47 as of 11:12 AM EST in the gold ETF. With oil up $6.00 on Russian-US tensions, what else do you expect? The gold ETF options are among the CBOE’s most active contracts as you will see below: